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Crude Drops Below $80 Post-Hormuz Deal, Inflation Relief

6/16/2026

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Summary

Story summary

U.S. crude oil futures fell to under $80 a barrel on Monday after a Hormuz reopening agreement, lowest since March and down from $67 before the war and over $120 at the peak.
Economist Christopher Hodge says a 10% oil price rise can add third of a percentage point to inflation, easing pressure.
Financial analyst Stephen Kates says consumers will see pump relief but not price cuts across the economy.

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Story summary

U.S. crude oil futures fell to under $80 a barrel on Monday after a Hormuz reopening agreement, lowest since March and down from $67 before the war and over $120 at the peak.
Economist Christopher Hodge says a 10% oil price rise can add third of a percentage point to inflation, easing pressure.
Financial analyst Stephen Kates says consumers will see pump relief but not price cuts across the economy.